Watch and Bet Harness Racing at TwinSpires.com
harnessracing.com
The Horsenman and Fair World
  • News Archive
  • Racing Reports
    • Sire's Progeny
    • Dam's Progeny
    • Single Horse
    • Leading Sires
    • Racing Recap
  • Sale Reports
    • Sire's Progeny
    • Dam's Progeny
    • Single Horse
    • Leading Sires
    • Sales Results
    • Sales Info
  • Calendars
    • Stakes Schedule
    • Sales Schedule
  • Entries/Results
    • USTA Entries
    • USTA Results
    • SC Entries
    • SC Results
  • Programs
    • TrackMaster® PPs
  • Guide Directory
  • Magazine Info
    • Issue Highlights
    • New Subscriptions
    • Renewals
    • Address Change
    • Advertising Rates
    • Send A Letter
« »
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
View all for this month

Click here for RSS

Magna in danger of defaulting

 Return Home
February 20, 2009 Send To A Friend  | Print View

MI Developments, parent company of Magna Entertainment, announced late Wednesday that it would not proceed with a reorganization proposal, and now there is speculation that Magna Entertainment, which owns and operates racetracks across the country--and manages racing at The Meadows--could default on loans as early as March.
 
MI Developments Inc. decided not to move $50 million in cash to Magna Entertainment for daily operations, and also did not move forward with $75 million to fund gaming at Laurel Park in Maryland.
 

While Frank Stronach is chairman of both companies, investors in

MI Developments heavily opposed the proposal for MI Developments to move money into Magna Entertainment, which owns Gulfstream Park, Remington Park, Thistledown and Santa Anita racetracks.
 
According to reports, Magna Entertainment is now in danger of defaulting on several loans totaling about $250 million.
 
Magna Entertainment previously owned The Meadows, but sold it when gaming was approved in Pennsylvania, although it retained a racing management contract for five years. Recently John Marshall, general manager at The Meadows, left the track and took a job with Calder Race Course, a track owned by Churchill Downs.

« Back

 Bookmark and Share
Home :: News Archive :: Racing Reports :: Sale Reports :: Calendars :: Guide Directory :: Contact The Staff
Advertising Rates & Information For: Horseman And Fair World Magazine :: HarnessRacing.com :: Harness Racing Weekend Preview
Website Design by eLink Design, Inc. A Lexington Web Design Company :: Hosted by Intelliwire, LLC, An Offsite Backup Company
Site contents may not be reproduced without the expressed written consent of the publisher.
© 2012 Horseman Publishing Co., Lexington KY, All Rights Reserved